Declaration of Trust

Declaration of Trust

An assertion by a property owner that he or she holds the property or estate for the benefit of another person, or for particular designated objectives.

The term also signifies the deed or other instrument that contains the statement—which may be either written or oral, depending upon the applicable state law.

declaration of trust

n. the document signed by a trustor (settlor) creating a trust into which assets are placed, a trustee is appointed to manage the trust (who may be the party who created the trust), the powers and duties of management of the principal and profits of the trust are stated, and distribution of profits and principal is spelled out. (See: trust, trustee, trustor, settlor)

DECLARATION OF TRUST. The act by which an individual acknowledges that a
property, the title of which he holds, does in fact belong to another, for
whose use he holds the same. The instrument in which the acknowledgment is
made, is also called a declaration of trust; but such a declaration is not
always in writing, though it is highly proper it should be so. Will. on
Trust, 49, note y; Sudg. on Pow. 200. See Merl. Rep. Declaration au profit
d'un tiers.

Executing a declaration of trust is an important mechanism for parents providing the funds for a property deposit to ensure their financial investment is protected in the event of a breakdown of the relationship between their child and partner.

As a result, the sponsor, the Bank of New York Mellon, as property trustee, BNY Mellon Trust of Delaware, as Delaware trustee, the Bank of New York Mellon, as trust agent, and the regular trustee have entered into the second amended and restated declaration of trust of CBA Capital Trust II to implement the proposed amendments.

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